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| Kwasi Kwarteng sidesteps questions about whether he will U-turn on mini-budget | |
| (32 minutes later) | |
| Watch: I am not going anywhere - Kwasi Kwarteng | Watch: I am not going anywhere - Kwasi Kwarteng |
| Watch: I am not going anywhere - Kwasi Kwarteng | Watch: I am not going anywhere - Kwasi Kwarteng |
| Chancellor Kwasi Kwarteng has sidestepped questions about whether he will U-turn on his mini-budget. | |
| Asked about speculation he is preparing to scrap major parts of his tax-cutting growth plan, Mr Kwarteng said: "Our position hasn't changed." | |
| Asked if he and PM Liz Truss would still be in their jobs this time next month, he said: "Absolutely, 100%." | |
| He said he was "not going anywhere", despite market turbulence he admitted was caused in part by his policies. | |
| Pressed on whether there would be more U-turns on the mini-budget, Mr Kwarteng, who is in Washington for an IMF meeting, said his economic plan would be delivered on 31 October "and there'll be more detail then". | |
| Rees-Mogg says market turmoil not due to mini-budget | Rees-Mogg says market turmoil not due to mini-budget |
| What will the tax changes mean for you? | What will the tax changes mean for you? |
| The pitfalls lying ahead for an embattled PM | The pitfalls lying ahead for an embattled PM |
| Liz Truss is facing growing calls from within her party to rethink part or all of her tax-cutting package to reassure financial markets. | |
| Discussions are under way between the prime minister and backbenchers about what her party can accept. | |
| The BBC's deputy political editor Vicki Young said the option most Tory MPs were discussing was changing the plans for corporation tax, because it brings in a lot of money. | The BBC's deputy political editor Vicki Young said the option most Tory MPs were discussing was changing the plans for corporation tax, because it brings in a lot of money. |
| Ms Truss has pledged to scrap a planned rise to the tax, which was set to increase from 19% to 25% in 2023. | Ms Truss has pledged to scrap a planned rise to the tax, which was set to increase from 19% to 25% in 2023. |
| On Wednesday, she said it would be "wrong" to raise corporation tax "in a time when we are trying to attract investment into our country at a time of global economic slowdown". | On Wednesday, she said it would be "wrong" to raise corporation tax "in a time when we are trying to attract investment into our country at a time of global economic slowdown". |
| Asked about the possibility the plans for corporation tax could change and it could rise, Mr Kwarteng said: "What I'm totally focused on is on delivering on the mini-budget, making sure that we get growth back into our economy." | Asked about the possibility the plans for corporation tax could change and it could rise, Mr Kwarteng said: "What I'm totally focused on is on delivering on the mini-budget, making sure that we get growth back into our economy." |
| The chancellor's mini-budget on 23 September, which included £45bn of tax cuts funded by borrowing, has caused turmoil in the financial markets and prompted the Bank of England to intervene to protect pension funds. | The chancellor's mini-budget on 23 September, which included £45bn of tax cuts funded by borrowing, has caused turmoil in the financial markets and prompted the Bank of England to intervene to protect pension funds. |
| Mr Kwarteng is due to set out how he will fund the package and reduce debt on 31 October. | Mr Kwarteng is due to set out how he will fund the package and reduce debt on 31 October. |
| The chancellor's statement will be closely watched by markets and Tory MPs as they decide whether to support Ms Truss's tax-cutting agenda. | The chancellor's statement will be closely watched by markets and Tory MPs as they decide whether to support Ms Truss's tax-cutting agenda. |
| Mr Kwarteng acknowledged there was "some turbulence" after his mini-budget but said there was "a very dicey situation globally", with inflation, potential interest rate rises and energy price spikes affecting everybody. | Mr Kwarteng acknowledged there was "some turbulence" after his mini-budget but said there was "a very dicey situation globally", with inflation, potential interest rate rises and energy price spikes affecting everybody. |